RNS Number : 9176I
Inland ZDP PLC
31 March 2015
 

Inland ZDP PLC

 

Adoption of new accounting standard affects gearing and cover ratios

 

31 March 2015

 

 

 

Inland ZDP plc's interim report for the six months ended 31 December 2014 contained certain cover ratio statistics derived from the Inland Homes plc consolidated half-yearly results as at 31 December 2014.

 

Following a review of Group accounting policies the board of Inland Homes PLC, in agreement with the Group's auditors, decided yesterday that the adoption of IFRS 10 necessitates the inclusion of the assets and liabilities of a company which owns land at Wilton Park in Beaconsfield, Buckinghamshire into the consolidated half-yearly statements of the Group. This is due to an option arrangement the Group has with the land owner.

 

This change has no effect on the half-yearly financial results of Inland ZDP plc as at 31 December 2014; however it has resulted in a change in the asset cover and gearing ratios as at that date. These changes are as follows:

                                                                                                                        


Original announcement

Re-stated

Cover Ratio (Assets / Financial Indebtedness)

3.6 times

2.8 times

Gearing Ratio

24 per cent

32 per cent

                                                                                                                                   

Inland Homes plc continues to comply with all of its covenants under the Loan Note, Contribution Agreement and related security documentation.

 

Capital Entitlement, Assets, Financial Indebtedness, Cover Ratio and Gearing Ratio have been determined as set out in the Prospectus published by Inland ZDP PLC on 14 December 2012, which is available at: http://www.inlandhomes.co.uk/inland-zdp-plc/.

 

 

Enquiries:

Inland ZDP PLC

Nishith Malde FCA                                                                   Tel: 01494 762450


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